We entered short GBP/USD at 1.6710 after prices put in a Bearish Engulfing candlestick pattern below resistance at 1.6742, the February 14 close. Negative RSI divergence has reinforced the probability for a downside scenario. Prices have started to make progress downward, taking out minor rising trend line support to clear a path to our initial objective at 1.6593, the 23.6% Fibonacci retracement. A daily close below this barrier will expose the next objective at 1.6452, the 38.2% level. Alternatively, a turn back above the trend line (now at 1.6690) aims for 1.6742 anew. We continue to hold, with a stop-loss set to activate a daily close above the February 17 high at 1.6822.